Average sale prices and volumes have remained steady for the previous three months. While most home types decreased in value from last year, condos retained their value best. Affordability and economic uncertainty continue to be issues affecting demand, which seems balanced with relatively low new inventory.
The effects of inflation, interest rate hikes, and improved supply were not able to curb modest price growth from the previous month. There was still some demand to buy, but not at the same prices as last year, especially for detached homes, leaving many listings still active.
Prices similar to last month and last year. Volume up from last month and down 34.2% from last year. Sales of detached homes were stronger relative to others compared to last month while prices remained down year-over-year. Increased interest rates will likely continue to apply pressure on prices.
Demand has not kept up with the moderate supply levels. Sales volume continued to decline through seasonality and concerns over affordability. Overall home prices also fell by 6.2% from the previous month but are still up 1.2% from last year. Expensive home segments were more heavily affected.
Home prices decreased by 5.5% and volume decreased by 11.1% from May 2022 but prices are still up from last year. The market appeared slower, despite more active listings.
Mortgage and affordability concerns have pushed prices down and certain buyers may be waiting for prices to stabilize before re-entering the market despite higher borrowing costs.
More active listings and borrowing costs pushed prices down from last month, but remained up from last year. Still, sales volume is still down from last month and last year.
While borrowing costs and inflation have pushed buyer power down, demand may still get support from low supply, favourable employment, and immigration.
Compared to March 2022, active listings were on the rise, prices and volume came down from the previous month. This suggests a growing gap between seller expectations and buyer demand. High inflation and sharp rises in mortgage rates were noted as major factors. Still, conditions supported an impressive 15% price growth from last year even with more listings.
Average home price dipped to $1.3M from February. Condos still maintaining value. Active listings grew from previous month more than number sales, showing reduction in buyer competition.
Buyer competition is still high but increased listings and volumes from January could be signs of easing in to the Spring market when more listings are expected to appear. Higher borrowing costs expected to tame demand but will likely be countered by increased immigration and continued low supply.
Sold volumes remain relatively low while average prices reach record highs. Active listings actually increased from last month. Still a very strong seller’s market.
